10/8: MetroIntelligence Economic Update by P. DUFFY

JOLTS: September job openings fell 3.9 percent but still exceeded new hires

The number of job openings decreased 3.9 percent to 7.0 million on the last business day of September. Over the month, hires fell 2.7 percent to 5.7 million, and separations fell 1.9 percent, also to 5.7 million.

The October PMI® registered 57.7 percent, a decrease of 2.1 percentage points from the September reading of 59.8 percent. Overall, the manufacturing community continues to expand, but at the lowest level since April 2018.

The NMI® registered 60.3 percent, which is 1.3 percentage points lower than the September reading of 61.6 percent. The non-manufacturing sector has again reflected strong growth despite a slight cooling off after a record month in September, but there are continued concerns about capacity, logistics and tariffs.